India in "very comfortable position" on Oil, LPG supplies despite Hormuz concerns: Govt sources

New Delhi [India], March 6 (ANI): India is in a "very comfortable position" regarding crude oil, petroleum products and LPG supplies despite concerns over disruptions through the Strait of Hormuz, government sources said on Friday.

According to the sources, the country currently has access to more energy supplies from diversified sources than the volume that could potentially be impacted through the Strait of Hormuz. India's existing stock of crude oil and petroleum products is also adequate to meet domestic demand.

Sources said the government is closely monitoring the situation and plans to ramp up supplies from alternative geographies to offset any potential supply constraints linked to the Strait of Hormuz.

They highlighted that India has significantly diversified its crude import basket over the past few years. Since 2022, India has been importing crude oil from Russia. While Russia accounted for only 0.2 per cent of India's total crude imports in 2022, the share has risen substantially in the following years.

"In February, India imported about 20 per cent of its total crude oil imports from Russia, amounting to around 1.04 million barrels per day," government sources said.

Meanwhile, reports suggesting a shutdown of the Mangalore Refinery and Petrochemicals Limited (MRPL) refinery are incorrect, sources clarified.

"MRPL refinery is fully operational and well stocked with adequate crude supplies," they said.

On the LPG front, the government has directed all LPG refineries to increase production to ensure adequate availability across the country. Officials said India currently remains in a comfortable position regarding LPG stocks.

LPG from US has started coming to India since January, the sources said. Indian PSU Oil companies in November 2025 has signed a one-year contract to import around 2.2 MTPA of LPG from the US Gulf Coast for the contract year 2026.

Additionally, authorities are planning to utilize petrochemical output for domestic consumption to help ease demand pressures in the energy sector, it added. (ANI)

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